Sales prices jumped 7 percent annually in November, according to a new report from CoreLogic. That is the third straight month at that pace, far higher than the price gains in the first half of 2017. Low supply and high demand are fueling the spurt and neither of those is expected to ease up anytime soon. With affordability constraints … [Read more...]
Spring Buying Season & The Millennial Shift
Millennials are the first generation to come of age in the post-recession housing market in a relatively positive light. Yet the No. 1 barrier to entry for young, would-be homebuyers? Credit."The mortgage industry is poised to experience a monumental shift as more millennial homebuyers begin to enter the market," said Joe Tyrrell, executive vice … [Read more...]
San Diego Refinancing Options
Application Volume Up, Down, Up, Down...The results are in: the Mortgage Bankers Association said today that applications during the week of October 23rd decreased by roughly 3.5% – adjusting seasonally from the previous week.Granted the accounted for data increased 7% on an unadjusted basis, taking into account for Columbus Day. While this … [Read more...]
California Housing Market: Going Forward
With California dominating the country’s 20 hottest real estate markets, an increase in home prices and a flash of buyer activity during May has lead to more than the usual seasonal momentum. San Diego county has seen its fair share of activity, with an ample supply of homes available for interested buyers.As summer unfolds, the market finds … [Read more...]
Home Sales Increasing in San Diego as Rates Stay Low
The Housing Market Is Breaking RecordsIn the most recent report from the National Association of Home Builders, existing home sales skyrocketed in April to their highest annual levels since October 2013. This surge has been fuelled by pent up demand, as well as sustained job growth and a long stretch of low mortgage interest rates.The growth in … [Read more...]
Obama Has Cut FHA Mortgage Insurance Premiums
Obama Has Cut FHA Mortgage Insurance Premiums President Barack Obama announced a major step taken by his administration to make mortgages more accessible and affordable to lower-income buyers. The president targeted the mortgage insurance premiums in his attempt to make homeownership more accessible to low income buyers.This reduction of the … [Read more...]
2015 Mortgage Rates Start At A 20-Month Low
2015 Mortgage Rates Start At A 20-Month Low The year 2015 has kicked off with some great news for people looking to get mortgage to buy a new home. Mortgage rates have further depreciated, making it their 20-month lowest since 2013 in May. With the average thirty-year fixed rate mortgage hovering at 3.73 percent, now is the best time to get your … [Read more...]
FHA’s Back to Work Program Allows Homeowners to Buy Again Sooner
Due to financial hardships caused by the recession, many homeowners were forced to forfeit their houses in a foreclosure or sell them as a short sale. Typically, an ex homeowner who lost their home in one of these situations would have to stand aside and wait a minimum of 36 months before attempting to purchase another home with a loan from the … [Read more...]
FHA Has Agreed To End Its Controversial Full-Month Interest Policy
Are you responsible for paying interest on your mortgage even after you have paid it off in full? When your principle balance reaches zero, does your interest clock stop running?The answer to these questions has been a shock to many home sellers and refinancers. If your home was financed with a loan insured by the Federal Housing Administration … [Read more...]
Are FHA Spot Loans Coming Back?
History of spot loans The Federal Housing Administration (FHA) originated spot loans in 1996. The goal of spot loans was to allow single loans on smaller projects that chose not to get approved with the Federal Housing Administration or did not make changes to their legal documents in order to conform to FHA project approval standards.Spot loans … [Read more...]